OHR Pharmaceutical Inc (OHRP) Shares Soar on Volume Surge

Shares of OHR Pharmaceutical Inc (NASDAQ:OHRP) are up considerably in early afternoon trading today after a surge of volume this morning. While there has not been any major news regarding the company, shares continue to make new 8-month highs as investors look toward 2016. Investors are likely anticipating results from the company’s phase III trials of their drug OHR-102, which is for the treatment of age-related macular degeneration, which the company claims could be ‘a potentially life changing treatment’.

The stock is down slightly from its intraday high of $5.89 at around noon ET, but is still up significantly on the day. The stock is up 12.23% or $0.62 following the news, hitting $5.69 per share. About 1.09 million shares traded hands or up 87.39% from the average. OHRP has risen 83.03% since May 18, 2015 and is currently uptrending. It has outperformed the S&P500 by 85.30%.

The institutional sentiment decreased to 0.49 in Q2 2015. It’s down 0.42, from 0.91 in 2015Q2. The ratio is negative, as 21 funds sold all their OHR Pharmaceutical Inc shares they owned while 16 reduced their positions. 4 funds bought stakes while 14 increased their total positions. Institutions now own 2.70 million shares which is 55.22% less than the previous share count of 6.03 million in 2015Q2.

Garrison Bradford & Associates Inc holds 0.28% of its total portfolio in OHR Pharmaceutical Inc, equating to 93,400 shares. Knoll Capital Management Lp owns 205,000 shares representing 0.24% of their total US portfolio. Moreover, Leisure Capital Management has 0.2% of their total portfolio invested in the company, equating to 66,596 shares. The West Virginia-based Hoxton Financial Inc. has a total of 0.11% of their portfolio invested in the stock. Cutter & Co Brokerage Inc., a Missouri-based fund reported 53,275 shares owned.

Ohr Pharmaceutical Inc is a biotechnology company. The company has a market cap of $149.32 million. The Firm is engaged in the development of two products, OHR/AVR118 for the treatment of cancer cachexia (multi-symptom wasting disorder) and Squalamine for the treatment of the wet form of age-related macular degeneration (AMD) using an eye drop formulation. It currently has negative earnings. The Firm conducts clinical testing of OHR/AVR118 for the treatment of cancer cachexia and the Squalamine eye drop program for the treatment of wet-AMD.